Chicago-based multifamily brokerage firm Essex Realty Group, Inc. brokered the $4.3 million sale of 2351 W. North Avenue, a seven-unit luxury new construction mixed-use property located in Chicago’s vibrant Wicker Park neighborhood.
Essex Principal Steven Livaditis represented the seller, a local developer/investor, in this transaction. The property sold for approximately $4,300,000 or $614,285 per unit to a 1031-trade buyer setting an all-time PPU high in the Wicker Park Neighborhood. The transaction closed within 30-days of contract
Recently completed, this luxury boutique property is comprised of six apartments and one commercial space. The apartments are all 4 Bed/ 4 Bath units (approx. 2,500 SF) and feature beautiful high-end finishes including custom dual-tone kitchen cabinets, honed marble backsplash, quartz countertops, private balconies, plus a common area rooftop deck as an additional tenant amenity.
“This is another example of the demand for high-quality real estate located in fundamentally strong northside neighborhoods. Although most of the building was still in lease-up mode prior to closing, all the parties felt extremely confident that the projected rents were attainable given the rental demand for these types of luxury units,” stated Livaditis.
The property is situated on south side of North Avenue, just east of Western Avenue and is conveniently located steps away from the 606, and within one half mile of both the Western and Damen Blue Line CTA stations. Quick access to both CTA stations and several bus stops provides tenants with many excellent public transportation options